# In the matter of Euro Multivision Limited

> NCLT judgment dated 2023-10-06. Citation: TCN-2023-NCLT-01371. The case involves an application (I.A. No. 4199/2023) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 6 Oct 2023
- **Citation:** TCN-2023-NCLT-01371
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/euro-multivision-limited-a77834e7

## Summary

### Background

The case involves an application (I.A. No. 4199/2023) filed by the Resolution Professional, Mr. Jigar Shah, seeking liquidation of the Corporate Debtor, Euro Multivision Limited, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on November 10, 2022. Mr. Jigar Shah was appointed as the Resolution Professional on December 22, 2022. The IRP published a public announcement of the CIRP initiation in two newspapers on November 13, 2022. A Committee of Creditors (CoC) was constituted on November 30, 2022. Ten CoC meetings were held between December 6, 2022, and August 8, 2023. The applicant appointed two sets of valuers for each class of assets. The CoC proposed to appoint a third registered

…

## Facts

The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Euro Multivision Limited. The CIRP was initiated on November 10, 2022. Jigar Shah was appointed as the Resolution Professional (RP) on December 22, 2022. Public announcement of CIRP was made on November 13, 2022. The Committee of Creditors (CoC) was constituted on November 30, 2022. Ten CoC meetings were held between December 6, 2022, and August 8, 2023. The RP appointed two sets of valuers for each class of assets. The Tribunal granted exclusion and extension of time for CIRP from May 10, 2023, to September 4, 2023. The RP published the Expression of Interest (EOI) on January 17, 2023. Waree Energies Limited submitted a resolution plan, but it was non-compliant with IBC Code and

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Euro Multivision Limited, under …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

…

**Reasoning:** The Committee of Creditors (CoC) unanimously decided to liquidate the Corporate Debtor,

…

**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

…

**Application:** In this case, the CoC's decision to liquidate Euro Multivision Limited, coupled

…

## Parties

- **Judges:** Reeta K…; SANJIV…
- **Appellants:** Jigar…
- **Respondents:** Euro Multivision…; State Bank of…

## Timeline

- **2022-11-10 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-11-13 — Public Annou…**: Public announcement of CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/euro-multivision-limited-a77834e7